DDM Analysis: 071970.KS

Valuation Snapshot

Stable Growth	$17,410.69 - $24,665.97	$20,992.15
Multi-Stage	$25,191.59 - $27,712.00	$26,427.24
Blended Fair Value	$23,709.70
Current Price	$50,300.00
Upside	-52.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90,108.28
(-) Cash Dividends Paid (M)	11.11
(=) Cash Retained (M)	90,097.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18,021.66	11,263.53	6,758.12
Cash Retained (M)	90,097.16	90,097.16	90,097.16
(-) Cash Required (M)	-18,021.66	-11,263.53	-6,758.12
(=) Excess Retained (M)	72,075.51	78,833.63	83,339.04
(/) Shares Outstanding (M)	33.92	33.92	33.92
(=) Excess Retained per Share	2,124.86	2,324.10	2,456.92
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	2,124.86	2,324.10	2,456.92
(=) Adjusted Dividend	2,125.19	2,324.43	2,457.25
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$17,410.69	$20,992.15	$24,665.97
Upside / Downside	-65.39%	-58.27%	-50.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90,108.28	89,207.19	88,315.12	87,431.97	86,557.65	85,692.07	88,262.84
Payout Ratio	0.01%	18.01%	36.01%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	11.11	16,066.10	31,799.98	47,217.58	62,323.64	77,122.87	81,643.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14,462.99	14,610.58	14,758.16
Year 2 PV (M)	25,770.48	26,299.09	26,833.07
Year 3 PV (M)	34,446.66	35,511.95	36,598.98
Year 4 PV (M)	40,930.22	42,626.59	44,375.15
Year 5 PV (M)	45,595.53	47,969.80	50,441.95
PV of Terminal Value (M)	693,294.84	729,396.31	766,986.27
Equity Value (M)	854,500.73	896,414.32	939,993.58
Shares Outstanding (M)	33.92	33.92	33.92
Fair Value	$25,191.59	$26,427.24	$27,712.00
Upside / Downside	-49.92%	-47.46%	-44.91%

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HD-Hyundai Marine Engine Co., Ltd. (071970.KS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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